Chapter 13

By: Hicks & Alhejaj, P.C.  03/14/2016
Keywords: Bankruptcy, Bankruptcy Attorneys, bankruptcy law

Chapter 13 bankruptcy is not as well-known as Chapter 7, and it still requires you to repay debts rather than having them eliminated completely, but it possesses many advantages to the consumer. It is much easier to qualify for Chapter 13 bankruptcy since you may not eligible for Chapter 7 if you are a working individual with enough disposable income to put towards paying your debts. It also gives you the ability to address all of your creditors at one time, rather than putting up with on-going creditor harassment or trying to negotiate a settlement with each individual creditor. Also known as a “wage earner’s plan,” Chapter 13 allows you to consolidate your debt with a 3 to 5-year payment plan, depending on your monthly income. Your creditors can participate in the development of the payment plan, and once it is approved by the bankruptcy court, they are bound to abide by its terms. The process of Chapter 13 bankruptcy is made easier with an experienced attorney who can effectively review your debts, assets, and cash flow. Individuals who have experienced bankruptcy attorneys on their side are in a better position to negotiate reductions in debt with creditors, lower interest rates or extend payment terms. When the plan is approved, you will have the chance to rebuild your finances. For some people, filing for bankruptcy has a negative stigma that can dissuade them from asking for the financial help that can give them a second chance. America is the land of second chances, and Pollak, Hicks & Alhejaj, P.C. uses bankruptcy law for its intended purpose: to help people in financial crisis. As soon as we file, all creditor harassment stops, as does the threat of foreclosure and repossession.

Keywords: Bankruptcy, Bankruptcy Attorneys, bankruptcy law, Bankruptcy Law Firm, Bankruptcy Relief, Debt Relief, Debt Relief Agency, File Bankruptcy, Personal Bankruptcy

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